Bitcoin News

In response to the cryptocurrency downturn and rising energy prices, Bitmain lowers the price of their mining rigs

The S19 Pro, one of Bitmain’s newest mining rig models, will now cost US$19 per terahash (TH), 41% cheaper than the price index listed on the mining rig information website Hashrate Index, the company stated.

On the Bitcoin network, computing power is measured in terahashes. Priced in Terahash, cryptocurrency miners enable comparison between various types.

CoinMarketCap reports that the price of Bitcoin has dropped by more than 60% so far in 2022, while Bitcoinist, citing Arcane Research, reports that daily earnings for bitcoin miners have reached their lowest point since November 2020 at US$17.9 million.

Russia’s energy output has decreased as nations impose sanctions against it as a result of its invasion of Ukraine, raising global energy prices and worsening the situation for miners who depend largely on electricity.

Additionally, the price index for the best-performing Bitcoin miner models fell by nearly 67%, from US$101/TH at the start of 2020 to US$32.71/TH on Thursday.

However, the hashrate on the Bitcoin network reached a record high in September, indicating that mining competition has increased to previously unheard-of levels.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.